British Prime Minister Rishi Sunak and Chancellor Jeremy Hunt are exploring tax increases and spending cuts worth up to 50 billion pounds ($57.84 billion) a year to fill a hole in the UK’s finances. public, the Financial Times reported on Thursday.
Ministers hope the measures will not have to be fully implemented in the tax return to be published on November 17, the FT said, but officials want the government to use the estimate of 50 billion pounds prepared by the Office of Budget Responsibility.
The £50bn figure comes from Treasury calculations showing an initial tax hole of between £30bn and £40bn, which will require some £45bn in tax increases or spending cuts, as attempts to resolve the gap will worsen the economic outlook, which in turn will affect future tax revenues, according to the newspaper.
Hunt, meanwhile, is seeking to raise the windfall profits tax rate for oil and gas producers, according to the report, which cited sources close to him.
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